What are the 5 Key Employee Retention Strategies?

Employee retention strategies are very critical for not losing a talented employee. However, many managers consider retaining talent impossible. If you experience a moment when your successful employee tells you he/she has found a better opportunity and decided to leave, you shouldn't panic. You must be calm and implement the employee retention strategies that we are going to share with you.

The 5 Key Employee Retention Strategies

Every employee decides what is right for them. But, you can help them to trust your company and be sure that working in your company is the best decision for them. In a situation where your company is going to lose one of the most successful employees, you must take a step to prevent it.

Here, we will share the 5 key employee retention strategies to boost your employees' job satisfaction and increase the success of your company.

1. Offer a competitive salary

One of the critical strategies for employee retention is offering a competitive salary or hourly wage. Research shows how salary plays an important role in deciding whether the work deserves a sacrifice or not. Indeed, you mustn't expect any sacrifice from your employees unless you pay the salary that they deserve. We must also add that, you can take their interest by regularly adjusting their salaries according to rising inflation and as they increase their experience level.

2. Allow them to work remotely

There are many advantages to working remotely. By allowing them to work remotely you can save their time. With the help of that, they do not attend unessential meetings, do not waste time in traffic, and feel more flexible. These are great resources for feeling happy and productive. Depending on the position, you can let your top-talent employees work from home. But, it may not be a permanent decision. If the position requires commuting work you can still make it flexible but balance it as well.

Implementing a remote work system may seem challenging. But, you can get help from PeerBie to support you in this work model. For example, if you worry about how to follow whether they have accomplished a task, how many hours they work, and how to communicate in a remote work system you can start to use PeerBie and implement this work model to your business successfully.

3. Reduce workdays or hours

Reducing workdays or work hours is very important to increase employees' motivation. It positively affects employee retention. According to a study made by Stanford University, productivity declines to a great extent when work hours exceed 50 hours a week. This result can be surprising if you are one of the managers who consider working for long hours strengthens productivity. Contrarily, working for long hours with other orders "workaholics' do not always sign successful works.

4. Recognize employees' contributions

Unfortunately, many managers ignore the importance of recognizing employee contributions. But, it is very significant to be aware of employees' contributions and praise them when it is needed. This encourages them to keep their success and get better in their career. It also positively affects the relationship between a manager and employees. Even so, only %19 percent of employees feel that they are recognized by their managers according to the 2019 Gallup / Workhuman survey. So, if you want to implement employee retention strategies, you must start to make your employees feel that they have a strong recognition culture at work.

5. Prioritize work-life balance

One of the main responsibilities of managers is ensuring that their employees do not have much workload. This is also one of the important employee retention strategies. If you do not prioritize work-life balance and give lots of responsibilities to your employees you mustn’t expect any success or happiness at work. This can badly affect the employees and they may decide to change the job to find a better opportunity. To avoid this undesired situation, you must always weigh the responsibilities and tasks that an employee takes.